Amrapali to develop housing project worth Rs 2,000 cr for govt staff

NEW DELHI: Realty firm Amrapali today said it will develop 10,000 affordable homes in Noida Extension for government employees at a cost of Rs 2,000 crore.

The company launched 2,000 flats in the first phase in a price range of Rs 22-30 lakh. It has tied up with property brokerage firm Investor Clinic for marketing of this project.

"We are coming up with an affordable housing project for the serving and retired government employees. About 40 acres land has been set aside for this project in our 100 acres township in Noida Extension," Amrapali Group CMD Anil Sharma told reporters here.

Sharma said the company would develop 10,000 apartments at a cost of Rs 2,000 crore.

The first phase of the project 'Amrapali Adarsh Awas Yojna' has been launched at the basic selling price of Rs 2,280 per sq ft, which is lower than the existing market price in this area.

Size of the flats would be in a range of 975 sq ft to 1,300 sq ft.

Sharma said the company has reduced the profitability and has also passed on some part of the historical appreciation in land prices.

Amrapali Group said it would use pre-cast technology and aluminium work to construct this project and complete it within 36 months with a grace period of six months.

On pricing strategy for the next phases of this project, he said the rates could be slightly higher to offset any rise in construction cost.

Investor Clinic CEO Honey Katiyal said: "It is indeed a very good opportunity for us to promote the technologically advanced project of Amrapali Group who is already a market leader in affordable housing segment."

Noida-based Amrapali group is developing many housing projects in Noida and Greater Noida.

HYDERABAD: Disputing the claims of Telangana government that the record prices yielded in the latest round of land auction in Hyderabad reflected the boom in realty market, builders and global property consultants have cautioned that towering costs could actually deter the entry of national and international players.

NEW DELHI: Easing of investment norms under Foreign Direct Investment (FDI) policy for the real estate sector is more of a long term story, and is unlikely to result in any immediate increase in FDI in the near term, ratings agency Fitch Ratings has said.

MUMBAI: Elusive home buyers, at least some of them, are finally returning to the Mumbai property market. Direct discounts of 5-10 per cent, reduction in apartment sizes and falling interest rates have pushed cumulative residential property sales in the last four quarters by 28 per cent compared with the corresponding period, showed a JLL India report.

BENGALURU: The Xander Group, which owns a portfolio of 66 million sq ft worth real estate assets in India, is looking to scoop up more across the retail, commercial and residential segments, the founder of the global investment firm said.

JAMSHEDPUR: Leading real estate development company Ashiana HousingBSE 2.44 % Limited today expressed confidence that construction work of its ambitious project 'Marine Plaza' here will restart from next month.

NEW DELHI: With the sentiment among corporates across the country improving, net absorption of office space in India expected to be about 31 million sq ft by the end of 2015, according to a joint study by industry body Assocham and property advisory firm JLL.

Mumbai, 26th November, 2015: CISCO,delightedly presented‘India Sustainability Leadership Summit Awards’ for the first time in Mumbai today. The award celebrates the highest level of achievement by companies and individuals operating in real estate and infrastructure industry.